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February 2nd - Capital Economics economists Thomas Ryan and Alexandra Brown stated that if Kevin Warsh were to become Federal Reserve Chairman, his primary challenge would be convincing other members of the Federal Open Market Committee (FOMC) to accept his view that "interest rates should be lower." They noted, "If he fails to gain support, Warsh could face the same level of Trump attacks as his predecessor, Jerome Powell, during his tenure." While Warsh could wield significant influence over the direction of policy meetings, he still only holds one vote on the 12-member Monetary Policy Committee. The two economists emphasized that the FOMC members are currently aligned in their view that current monetary policy is "well-positioned" and flexible enough to respond flexibly to upcoming data releases.February 2nd - Francesco Pesole of ING Bank stated in a report that if the Reserve Bank of Australia (RBA) raises interest rates in its Tuesday decision but simultaneously downplays expectations of further rate hikes, the upside potential for the Australian dollar will be limited. He pointed out that while higher-than-expected December inflation and a hot housing market provide justification for a rate hike, the RBA should avoid signaling the start of a new tightening cycle. "The market currently expects at least one more rate hike before the end of the year, and if the RBA hints that this is only a one-off action, it will limit the support the rate hike will provide for the Australian dollar."According to Irans Fars News Agency on the 2nd, the Iranian president has ordered the start of nuclear negotiations.February 2nd - The governor of Kermanshah province, Iran, announced on February 2nd that the Islamic Republic of Irans army will conduct a two-day military exercise in the region this Monday and Tuesday. Loud explosions may be heard during the exercise; the public is urged to remain calm and not panic, as such sounds are within the normal range for military operations.Ukrainian President Zelensky: As before, the Russian military remains focused on “terrorist” operations against Ukraine’s logistics.

WTI stays in positive zone despite a dip in Asia

Jan 10, 2023 14:43

截屏2022-12-29 下午4.54.13_1024x576.png 

 

West Texas Intermediate, or WTI, is down during the Asian session, losing about 0.4% at the time of writing amid optimism that China's demand will increase after the government set new import limitations. However, overnight and at the start of the week, the news provided economic support for its faltering economy, while the US Dollar sank, allowing investors to enter the black gold rise at a lower cost.

 

China has reopened its borders to international visitors for the first time since March 2020, when it implemented travel restrictions. Elsewhere, China has continued to demolish a large portion of its draconian zero-COVID movement regulations. According to the BBC, incoming travelers will no longer be required to be quarantined, marking a dramatic change in the country's Covid policy as it fights an outbreak. They will continue to require documentation of a negative PCR test conducted within 48 hours after flight.

 

As a result, oil prices increased early on Monday in anticipation of an uptick in demand from China, as the nation set new import curbs and offered economic support to its faltering economy. Last observed, spot West Texas Intermediate crude was priced at $ 74.57 per barrel.

 

ANZ Bank analysts explained: "China announced a new batch of import limits, an indication that the world's largest importer is gearing up to meet increased demand."

 

"The relaxation of COVID-19 regulations has already increased travel. According to the Ministry of Transport, approximately 34.7 million domestic journeys were made on the first day of the Spring Festival travel rush. This is around 40% higher than comparable days in 2022. Approximately 2.1 billion trips are anticipated during the next 40 days. This comes amid tightened supply,'' the analysts added.

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